Terremark CFO: Plans for accelerated expansions now fully funded

By Jennifer Lanning Drey

Savannah, Ga., Nov. 18 - Terremark Worldwide, Inc.'s three planned accelerated expansions are now fully funded after the company's recent $75 million private placement of 9½% senior secured second-lien notes, Jose Segrera, its chief financial officer, said during a Thursday presentation at the Deutsche Bank Media & Telecom Conference in Palm Beach, Fla.

The accelerated expansion plans are for the Santa Clara, Calif., Miami and Brazil facilities.

The company could also expand in Culpeper, Va., facility without returning to the market, he said.

The CFO also noted that Terremark believes it has a "comfortable leverage profile, given we're growing the business north of 20%."

Terremark announced the successful completion of the private placement on Wednesday.

Terremark is an information technology company based in Miami.

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